Loan Talk

Beginners guide physician home loans

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Physician Home Loans: A Beginner’s Guide

So, you’ve finally completed your studying to become a physician. You’ve spent the last few years of your life pouring over books in the library, while you’ve seen your friends progress in their careers and become homeowners…

And now, you can’t wait to get on the property ladder yourself and purchase your own home.

You probably already have a solid idea of how much you want to spend on your home, and where you want to live… and the next step is to look at the various ways of financing your home.

If that’s you, you’ll probably have heard of physician home loans; and in this post, we’ll look at how these loans work… how they compare against other loans… and whether or not a physician home loan is right for you.

Physician Home Loans: What Makes Them Desirable?

Physician home loans typically offer a range of benefits that regular mortgages and loans don’t offer, and some of the major features include:

    • Zero (or a very small) down payment required…
    • No “PMI” (private mortgage insurance…)
    • No chance of rate-growths on jumbo loans…
    • A lending decision is made based on your signed employment contract…
  • Student debts play a much lower factor in determining your eligibility…

So, in short, a physician home loan is a much more viable method of getting a mortgage, than were you to go down a conventional route of borrowing.

Who Can Take Out a Physician Home Loan?

While the exact requirements vary from lender to lender, qualified borrowers typically include someone who’s a medical resident, practicing (or soon-to-be) physician, WITH a signed employment contract), along with – occasionally – dentists, veterinarians, and other types of doctor.

Physician Home Loans VS Conventional Mortgages

Now that you have an idea of who’s eligible for a physician home loan – and why you may want to consider one, if you’re looking to purchase your first home – let’s look at why they’re an attractive option when pitted against conventional mortgages.

First off, let’s consider the three main costs associated with mortgages:

Interest: All mortgages will have interest attached – and this is based on the interest rate, the loan balance, and the repayment time-frame.

Closing Costs: Closing costs are a one-time fee, paid at closing, which is generally wrapped into the loan balance.

PMI: PMI is the monthly fee you pay, required – generally – until you’ve reached 20% equity.

Closing costs and interest rates tend to go hand-in-hand when it comes to cost. For example, you can lower the closing cost… but doing so will generally increase the interest rate, and vice-versa.

PMI can be avoided by putting 20% down up-front, although some loans – as is the case with most physician home loans – allow you to avoid PMI before you’ve reached 20% equity.

Of course, if you’ve no cash to put down, that leaves you with limited options – so what are your options for a mortgage without PMI?

The following is some of the most common ways to avoid PMI:

    • Physician Mortgage Loans: 30 yr or 15 yr fixed rate
    • Physician Mortgage Loans: 1-10/1ARMs
    • Conventional 80/20: wide variety of terms available
    • First mortgage (80%)- Traditional terms paired with a Second (5-20%)–Interest-only HELOC 
  • VA Mortgage (military eligibility required): 30 yr fixed rate 

Physician home loans can carry a higher rate of interest or closing cost, but the major benefit is that it’s is extremely flexible to the pitfalls physicians are facing with school debt and logistics. 

The physician home loan will likely be the most suitable option for you, if you’re planning on living at your new home for 0-7 years; if you’re buying with the intention of long-term living (staying there for 7 years or more), then the physician home loan with the 30-year fixed rate or the 80/20 option would likely be more suitable.

But, of course, this doesn’t include any closing costs – and that’s something you should bear in mind of course.


As you can see, physician mortgage loans carry their own distinct array of advantages and disadvantages.

Generally-speaking, unless you’re planning on purchasing a home for short-term living (less than 5 years), they’ll tend to work out more affordable than conventional loans… and this becomes even more apparent when you’re able to put down an amount of cash upfront.

As always, it’s best to speak with a mortgage specialist who can walk you through the various options available to you – but the above should give you a solid understanding of the fundamentals associated with physician home loans, and whether or not one would be right for you.

How Physicians Can Get Out Of Debt

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How Physicians Can Get Out Of Debt

Get out of debt…One of the biggest factors that prevent us from succeeding in life, and living up to our full potential, is fear. Fear of the unknown. Fear of the present. And fear of the future.

Fear itself is nothing more than an emotion – but often times, there are physical reasons behind us experiencing fear – and one of the biggest underlying factors is debt.

Most of us will have been in or experienced debt at one point in our lives, and it’s not nice. However, the way the world works means it’s commonplace for many people – and if you’re a physician in debt… and if you want to free yourself from the confides it entraps you within…

Then make sure you read this post in full, as we’re going to share a few ways you can get out of debt, easily, and quickly.

#1 Change Your Mindset

One of the most common reasons for continual debt is a lack of positive thinking. It may sound cliche – and almost unrealistic – but you’d be surprised just how many people confine themselves to a life ridden with debt, simply because they can’t shift the feeling of being in debt.

The way you approach the situation will play a huge part on how it unfolds in the future – and if you’re wanting to change your circumstances, and become debt-free, it’s vitally important to take a positive, proactive approach, rather than one where you feel sorry for yourself.

Just by reading posts like this, you’re showing that you DO want to change things – and that’s one of the most important steps. Take some time to yourself every day to appreciate what you do have – and focus on solving your problems, rather than allowing them to take over your life, and engulfing your chances of succeeding.

#2 Public Service Loan Forgiveness

This option is ideal for those who want to pay for their study, but who don’t want to pay the loans back themselves. The best-case scenario is that you realize this before you go to med school – and one of the best methods in this situation, is to take advantage of the military HPSP scholarship. Of course, that requires you to serve in the armed forces – but it can be a great way to study, without racking up large debts.

Of course, if you’re already in debt that’s not really going to help – and public service loan forgiveness can help you if you’re already in debt. In order to qualify for PSLF, you simply need to stick around as faculty in your program for a while. Head to your VA to work (you’ll be able to get a job there a LOT easier than you think), or even find a non-profit, non-academic employer in somewhere like California.

It won’t be for everyone, but for those who it is suitable for, it can be a great option.

#3 Grow Your Income

Just because you’re in debt, doesn’t mean you have to settle for one wage.

If you can realistically manage too, it can be worth picking up a second, part-time job alongside your work as a physician, just to get some extra income coming in each month.

Sure, it’s not the most glamorous lifestyle – but the harder you work now, the more you’ll reap the rewards later on in life – and whether it’s picking up a few extra shifts, or simply doing some weekend work, increasing your income – even just by a small amount – can allow you a LOT of extra room each month to pay pills and clear your debt.

#4 Live To Your Means

We all like the idea of living a lavish, comfortable life – and while, as a physician, you’re very likely to enjoy a high-quality of life a few years down the line, if you’re in debt TODAY, then it’s crucial you live in a way that’s suitable for your budget.

If you find yourself in uncontrollable amounts of debt, then cut back on your purchasing for a few months. Eat out less, and spend more time making your own food. (You’d be surprised how much most people spend on takeout and dinners every month.)

Consider delaying expensive purchases – and tell yourself that once you’ve cleared a significant chunk of your debt, you will be able to buy these things – but it’s much better to clear the debt first so that you can actually enjoy them.

If you opt to go down this route, then it’s worth pointing out that you don’t have to live frugally; just be careful, and make sure to budget each month, so you know exactly what you can, and can’t afford.

#5 Work Hard!

Whatever your current situation is, it’s worth remembering that there is ALWAYS a brighter future ahead – and the way in which you can work toward that future is by working hard.

Don’t think that just because you’re in debt you’re going to be confined to it for years to come. The harder you work now, the quicker you’ll alleviate your debt problems, and the sooner you’ll be able to become financially secure once more.

Like we’ve seen in this post… if you need to get a second job or take on extra hours to boost your income… there’s no harm in doing so.

If you want to look into ways of clearing your debts, then do so.

The most important thing to remember – this is YOUR life – and the quicker you begin making proactive changes to better your situation, the sooner you’ll find yourself on the up, and able to get out of debt, and into a lifestyle where you’re happy, comfortable, and money-worry free.

It can also be worth seeing a specialist debt advisor if you feel as though things are becoming a little too much of a burden – and they’ll be able to work with you on action plans to rid all of your debts.

Don’t be embarrassed by debt – and don’t let it affect your chances of living a wealthy, prosperous life. Take action NOW, and you’ll find things improving a lot quicker than you probably envisage.

There’s also the option of refinancing – and while not suitable for everyone, if it’s something you’ve looked into, and would like to learn more about, then you can get in touch with us using this link, and we’ll show you if we’re able to help!

physician relocation tips

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3 Tips To Make Your Move as Easy, Simple, and Stress-Free

Physician relocation carries a number of unique challenges, and if you’re looking to make your move as hassle-free as possible, it’s important to be adequately prepared.

In this post, we’re going to look at three ways you can ease the burden of relocation, ensuring your move is as fluid, stress-free, and fast.

#1: Don’t Rush Into A Decision

Planning the big move is an exciting part of the process, and while it can be tempting to dive right in and decide where you want to move… live… and work, it’s vital that you don’t rush, and take your time to consider all of the possibilities.

For example, the area itself; you’ve found your dream home, the neighborhood seems friendly, but what about the transport? Are you able to drive to your new practice, or will you need to take public transport? If the latter – what does the time schedule look like?

The move itself; will there be any crossover time, between leaving your current home and moving into your new one? If so – where will you stay? Will this fit in with the start date at your new practice?

How about tax affairs? Especially important if you’re moving to a new state, you should always consult with a trained professional when you’re relocation, as tax laws differ greatly from state to state. Your entitlement to various pension, insurance, and healthcare schemes are also likely to change.

It may seem as though this level of thought – especially the first two points – is over the top…

But if you want to relocate without running into obstacles, it’s crucial you plan and prepare.

This will ensure the move goes off as smoothly as possible and will help you avoid any obstacles or pitfalls along the way.

#2: Give Yourself Time

There’s nothing worse than leaving things to the last minute, only to find problems that can’t be quickly resolved.

Being realistic about time-frames is also important to make your move a successful one. While it can – of course – be tempting to try and get the move going as soon as possible, the more time you leave yourself to plan and prepare, the better you’ll be able to get ready, and the better the eventual relocation will be.

Tip: A great way to ‘suss’ out the area you’re thinking of relocating to, and determining whether it’s suitable for you and your family, is to plan a short trip, and stay there for a few days.

This will give you a great idea of what life there is like, and it will allow you to look around, explore, and check out the surroundings.

#3: Use a Reputable Physician Relocation Service

Perhaps the best way to ensure your move goes as smooth as possible is to work with a Physician Relocation service.

Your most precious resource is time – and while you could dedicate weeks to interviewing realtors and searching for your new home, this is, in itself, a gamble more than anything else.

That’s one of the reasons here at we’ve partnered up with the best realtors in the country so that you spend less time searching.

Plus, if you decide to work with us, we hand-pick the most suitable realtor for you, determined through rigorous questioning, research, and based on your needs.

 Find Out How We Can Help You Relocate

We realize that your relocation is a BIG stepping stone in your life, and that’s one of the main reasons why we’ve built our relocation service around YOUR wants and needs.

For example, if you’re unable to travel to look round a potential new home, we’ll prepare a personalized video tour showing you the whole house. We’ll research the neighborhood… provide you with crime statistics, information on school facilities, show you the local healthcare services… and much more!

In short; we do everything we can to ensure your move is as easy and hassle-free as possible…

And when you work with us, you’re guaranteeing yourself a streamlined, and efficient move. One that your family will THANK you for!

We also offer all physicians that choose our relocation service up to $3,000 in cash back, after your move is complete! There’s no catches, gimmicks, or hidden catches; just cold-hard cash wired right to your bank account.

It’s our way of saying thanks.

If you’d like to learn more about working with us – and find out how we can help you relocate – just fill out the short form below, and we’ll be in touch!

Physician Relocation

Win-Win Text

Why Selecting lender mortgage before a home is important

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Selecting Lender Mortgage before Your Home Search Begins

With access to real estate websites and MLS home listings, when you decide to purchase a home it is tempting to start there. However, without the guidance of a lender, it is hard to know exactly what you can afford and what price range you should be searching in. The first step to buying a home should be meeting with a lender. 

Overcoming Fears

One of the key reasons buyers procrastinate a meeting with a lender is fear. Fear you do not know enough about the home buying process. Fear that your finances are not in order or fear that your credit may prevent you from buying a home. The irony is that these fears create procrastination, which ultimately can become an obstacle. If you search for a home before consulting with a lender, then these obstacles will come up after an offer is made and could result in you losing a house you spent a lot of time to find.

By meeting with a lender early in the process, if any of these fears are a reality the lender can help guide you through making necessary changes and corrections. Once the corrections have been made, you will be able to begin your home search with the confidence that you will be approved for the loan. This can provide added confidence during the offer and negotiation process as well as speeding up the closing.

The lender is your ally. They have seen and heard virtually every scenario. Whether it is challenges with income verification, credit issues, lack of assets or a low down payment, they know how to navigate the home loan options to get you approved. Their primary goal is to help you purchase a home.  Which state are your purchasing your new home in?

Selecting Lender Mortgage What are the Financing Options

After the lender has discussed your home buying goals and reviewed your financial information they can make a recommendation on a home buying program that will meet your needs. Physicians have additional options that standard home buyers do not have access to. This can result in lower down payments, less financial reserves required and greater flexibility with income verification.

The home program you select, along with the prevailing interest rates will greatly determine the amount of financing you will qualify for. These factors give you a price range of homes to look for. Once you have met with the lender and determined you are ready to buy a home it is time to meet with a real estate agent. They will help you find a home in your price range that your family can enjoy for years to come.  

Overcoming Obstacles

After meeting with a lender it may be that there is “homework” that needs to be done before you can buy a home. This might be making corrections on your credit report, increasing your down payment or paying off debt. If you are unable to get financing at this time the lender can provide steps to take which will open the door to home ownership. Often these steps can be completed quickly and within a few months you might be ready to start your home search.

Lenders work with home buyers every day and have a basket full of strategies that will help you get in a home. If this is your first home they can walk you through the process and help you understand the ins and outs of underwriting and purchasing a home. Finding a lender who will take the time to answer your questions, and one that specializes in physician’s home loans will offer the best balance of understanding your specific needs along with the options that are offered in the industry.  If you want to know what programs are available in your state click here!